FCA Regulatory Update

On 18 August 2017, the FCA published a regulatory update on its website. Some of the key areas for the insurance industry are listed below.

Consumer credit is still a hot topic for the FCA who has extended its remit to cover rent-to-own, home-collected credit and catalogue credit markets which are of concern to the FCA. The FCA will be publishing its proposals in spring 2018.

The Senior Managers and Certification Regime is in full swing in the banking sector and it is being extended to insurance and solo regulated firms. For more information click here.

Other areas listed in the regulatory round up are:

MiFID – Firms will only be able to carry on activities that require authorisation under MiFID if they have obtained the necessary regulatory permissions from 3 January 2018.

IDD – The FCA has published its second consultation paper on the Insurance Distribution Directive outlining its proposals for implementing the IDD in the UK. The third consultation paper will be published in the coming months.

Regulatory reporting- retirement income data – The FCA has published its final rules requiring the providers of pensions, annuities and income drawdown to report retirement income flow data return, and retirement income stock data and withdrawals flow data return to it.

FCA Live events – The FCA will be travelling across the UK from September 2017 with a series of “Live and Local” events for regulated general insurance firms. The intention is to visit each reason more than once to give firms the opportunity to engage with the FCA. For more information click here.